Friends,
I have a query regarding the mode of payment to be followed at the time of ensuring full and final settlement of an employee. Is it advisable to prepare a cheque/DD or effect a bank transfer to the account of the ex-employee? Is there any law governing this?
Thanks, Sriram N
From India, Bangalore
Acknowledge(0)
Amend(0)
2I have a query regarding the mode of payment to be followed at the time of ensuring full and final settlement of an employee. Is it advisable to prepare a cheque/DD or effect a bank transfer to the account of the ex-employee? Is there any law governing this?
Thanks, Sriram N
From India, Bangalore
Acknowledge(0)Amend(0)
Hi Sriram,
We do the final settlement via a cheque payment as most of the firms have salary accounts. It becomes easy for the people to cash it. Additionally, it is a quality requirement for us to mention the cheque number and the amount paid in the employee files.
Cheers! 🌟🌟🌟
From India, Hyderabad
Acknowledge(0)Amend(0)
We do the final settlement via a cheque payment as most of the firms have salary accounts. It becomes easy for the people to cash it. Additionally, it is a quality requirement for us to mention the cheque number and the amount paid in the employee files.
Cheers! 🌟🌟🌟
From India, Hyderabad
Acknowledge(0)Amend(0)
It is advisable to give a cheque to the employee concerned. We follow the same. When leaving, we make the employee concerned sign on each and every document of full and final settlement so that we have proof of everything. According to the law, full and final settlement shall be given to the employee concerned within two days, effective from the day of his resignation.
From India, Delhi
Acknowledge(0)Amend(0)
From India, Delhi
Acknowledge(0)Amend(0)
Friends,
I have a query on the mode of payment to be followed at the time of ensuring full and final settlement of an employee. Is it advisable to prepare a cheque/DD or effect a bank transfer to the account of the ex-employee? Is there any law governing this?
Thanks,
Sriram N
Hi Sriram,
I have a certain clarification to ask. Does your full and final settlement include gratuity, any unpaid salary, statutory bonus, or PF? Because the above-mentioned settlements are statutory requirements. Hence, my suggestion is if your settlement includes all the above, it is better to have a written document as proof before crediting or issuing a cheque to the employee.
Cheers,
Attvar
From India, Madras
Acknowledge(0)Amend(0)
I have a query on the mode of payment to be followed at the time of ensuring full and final settlement of an employee. Is it advisable to prepare a cheque/DD or effect a bank transfer to the account of the ex-employee? Is there any law governing this?
Thanks,
Sriram N
Hi Sriram,
I have a certain clarification to ask. Does your full and final settlement include gratuity, any unpaid salary, statutory bonus, or PF? Because the above-mentioned settlements are statutory requirements. Hence, my suggestion is if your settlement includes all the above, it is better to have a written document as proof before crediting or issuing a cheque to the employee.
Cheers,
Attvar
From India, Madras
Acknowledge(0)Amend(0)CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
Full n final settlement.doc
Full & Final Payment.xls